Adex Appoints Interim CEO and Commences Executive Search for Experienced Mine Developer as Permanent CEO
April 21 2009 - 3:01PM
Marketwired
Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE: ADE) is
pleased to announce the appointment of J. Errol Farr as the interim
President and Chief Executive Officer of the Company effective May
1, 2009. The Company's board of directors will immediately commence
a search for a permanent President and Chief Executive Officer who
has experience in mine development and mineral production.
Kabir Ahmed, the current President and Chief Executive Officer
of Adex, will resign from that position effective May 1, 2009.
While in his leadership role at Adex, Mr. Ahmed has been
responsible for reviving the Company, listing its common shares on
the TSX Venture Exchange, and re-capitalizing its treasury. In
addition, over the past 18 months, Mr. Ahmed has worked to prepare
the Company's Mount Pleasant Property (the "Property" or "Mount
Pleasant"), located in New Brunswick, Canada, for feasibility level
studies, with a view to re-commencing mineral production. The
Company has completed a 13,300 meter expansion and definition drill
program and National Instrument 43-101-compliant Indicated Mineral
Resource Estimates for both the tungsten-molybdenum Fire Tower Zone
and the tin-indium North Zone at the Property. The Company has also
preserved a strong treasury of $3.88 million as of December 31,
2008.
"I am very pleased to have successfully positioned Adex for
feasibility, with a view to re-commencing mineral production at
Mount Pleasant in the near future", said Kabir Ahmed. "The progress
made by Adex to date has been made possible by an engaged board of
directors, an experienced management team, and an accomplished team
of technical consultants and staff, all of whom have worked
tirelessly to advance the Mount Pleasant project."
Mr. Farr, the Company's Chief Financial Officer and a member of
the board of directors, commented that, "On behalf of the board of
directors and the management team of Adex, I thank Mr. Ahmed for
the significant contributions he has made during his tenure in
order to move the Mount Pleasant project forward".
Mr. Ahmed will remain as a member of the Company's board of
directors.
ABOUT ADEX:
Adex Mining Inc. is focused on developing its flagship Mount
Pleasant Mine Property, a multi-metal project that is host to
promising tungsten-molybdenum and tin-indium-zinc-copper
mineralization. Located in Charlotte County, New Brunswick, Mount
Pleasant is situated approximately 80 kilometres south of
Fredericton, the provincial capital, and is 65 kilometres from the
United States border. The common shares of Adex trade on the TSX
Venture Exchange under the stock symbol "ADE".
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute
"forward-looking" statements which involve known and unknown risks,
uncertainties and other factors which may cause actual results,
performance or achievements of Adex, its subsidiary or the industry
in which they operate to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. When used in this press release, the
words "estimate", "believe", "anticipate", "intend", "expect",
"plan", "may", "should", "will", the negative thereof or other
variations thereon or comparable terminology are intended to
identify forward-looking statements. Such statements reflect the
current expectations of the management of Adex with respect to
future events based on currently available information and are
subject to risks and uncertainties that could cause actual results,
performance or achievements to differ materially from those
expressed or implied by those forward-looking statements. These
risks and uncertainties are detailed from time to time, including,
without limitation, under the heading "Risk Factors", in reports
filed by Adex with the Alberta, British Columbia and Ontario
Securities Commissions which are available at www.sedar.com and to
which readers of this press release are referred for additional
information concerning Adex, its prospects and the risks and
uncertainties relating to Adex and its prospects. New risk factors
may arise from time to time and it is not possible for management
to predict all of those risk factors or the extent to which any
factor or combination of factors may cause actual results,
performance and achievements of Adex to be materially different
from those contained in forward-looking statements. Although the
forward-looking statements contained in this press release are
based upon what management believes to be reasonable assumptions,
Adex cannot assure investors that actual results will be consistent
with these forward-looking statements. Given these risks and
uncertainties, investors should not place undue reliance on
forward-looking statements as a prediction of actual results.
The forward-looking information contained in this press release
is current only as of the date of the press release. Adex does not
undertake or assume any obligation to release publicly any
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
No securities commission or regulatory authority has approved or
disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Adex Mining Inc. J. Errol Farr Chief Financial Officer
and Director 1-866-508-2339 (ADEX) investorrelations@adexmining.com
www.adexmining.com
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